Finance Minister Confident Of India’s Growth

23 April 2012 17:00 - Jack Stupple

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Finance Minister Confident Of India’s Growth

Despite fears of a slowdown in India’s economic growth rate, Finance Minister Pranab Mukherjee said he was confident that the Indian economy would survive thanks to its strong fundamentals and resilience to take a higher growth trajectory. He pointed out that even thought the latest figures reflect that India’s growth rate has come down, the country still remains the second-fastest growing economy in the G20, next to only China.

He said, “In FY09 our GDP came down to 6.9% but very quickly we recovered in next two years and it was 8.4%. Again it has come down to 6.9%, but the resilience, basic fundamentals of Indian economy, which everybody recognise; high rate of savings, substantial investment coming from the domestic savings itself.” He added, "Therefore these two basic fundamentals and resilience of the economy clearly demonstrates that Indian economy will grow at a faster pace. Moreover there is important factor, a huge market, growing purchasing power, growing middle class, the domestic demand driven factors to provide the stimulus to the growth elements in Indian economy is very strong. Therefore I do feel Indian economy would grow faster,"

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